Houses reappearing for sale

[confusednw]

We are looking to move and have been viewing houses and keeping track of what has been selling in our area in the NW.

We've noticed in the last couple of months a number of houses reappearing for sale after being sold STC. What could be causing this?

Should we be concerned about making an offer on a house that has "reappeared" more than once (e.g., previously listed in late 2022, but reappeared in early 2023 and again now)?

Thanks!

The deals have broken down somewhere between an offer being accepted and Exchange of contracts. That’s not particularly unusual and can be down to a number of reasons like the survey throwing up unexpected problems or the buyers simply changing their minds.

I would ask the EA what has happened if it’s a property you are interested in. It’s not necessarily a red flag, it depends very much on why the sale collapsed.

Phone the agent and ask! We sold our house three months ago and it’s just appeared for sale again. Now I know there’s nothing wrong with the house, but I agree that history doesn’t look good!

Our new house was SSTC before we bought it but the sale fell through. We aren’t really sure why but we suspect the buyers may have been put off by the survey, although our vendors told us they pulled out because of ill health.

This house sold board went up i walked past it every day on my way back from work, thought shame as we were looking at the time, then two weeks later it had the for sale board up again, told my other half and we viewed offered and moved in its now ours, asked estate agent why sale fell through previous person couldnt get a mortgage

I'd say a fair number of people aren't getting a mortgage, or the amount that they had hoped to borrow.

We had to pull out of a purchase last year - AIP for a certain amount, offer accepted on a house then it took forever for the building society to process the application. Three months later we were told we couldn't borrow as much as the AIP stated (thanks, Liz and Kwasi!) so had to walk away.

We’re in the process of selling my late mother’s house and we’ve had 4 sales fall through. Nothing to do with the house, which is fine. It’s things like the buyer being made redundant or losing their buyers, or becoming seriously ill in one case, another couldn’t get the mortgage sorted out. There seem to be a lot of sales falling through at the moment.

We had two sales fall through. Both times the buyers had agreements in principle but the bank decided they couldn't borrow as much as they were told.

There’s a house near us that has been up for sale multiple times. They’ve sold it several times but then can’t find a house they want to move into,

I would view any houses that came back up if I liked the house. Lots are falling through at the moment due to chains collapsing and the difficulty in getting mortgages.

I'm selling a flat just now and the solicitors have asked why the previous sale fell through as part of the additional enquiries.

I was listening to a podcast this week that said Gazundering has massively increased, so maybe these buyers aren't blinking and are letting their buyers go due to dirty tricks.

Not necessarily a red flag! Our first chain our buyer literally ghosted us. Turns out he couldn't get a mortgage but decided to not inform us. Could be something like that or buyer found something different, their circumstances changed, interests rates change, mortgage affordability etc. obviously there's a chance it could be related to the property. However that's nothing you won't find out for yourself if you do the relevant searches etc. Simplest way is to ask the estate agent.

I bought a few months ago so I had been looking a few months before that too. A lot of agents told me that they were increasingly seeing purchases falling through at exchange because, like several PP have said here, their mortgages had fallen through. As such I was terrified of the same happening and right before we were due to exchange the mortgage lender pulled my application out for an audit!! I had an anxiety filled week whilst they audited it but thankfully they came back and approved it. I have since heard of another couple of people having this. Lenders are being a lot more stringent since the whole Liz Truss thing and not always fulfilling the amount they said they would lend on the offer in principle.

We've just had our purchase fall through - turns out we were the 5th failed attempt! Seller was a nutter who'd papered over cracks so it looked newly renovated but the survey showed significant repairs required - c. 40k worth house would be unliveable. They kept trying to bump the price up too - dodgy AF! Changed EA every time it fell through too which in hindsight was a sign we didn't spot.

The house we viewed and really liked then sold , the estate agent told us to forget it.
They called a month or so later to say it was about to go back on the market and were we still interested. I don’t think the buyers got together a mortgage in time.
We bought the house and really love it.

In th current climate I would say bound to happen. People are being let down in chains and mortgages.

Before covid, it was around 50% of sales fell through & transactions took 14 ish weeks. It's far longer now, I think.

The system is really terrible. So much scope for failing without much penalty.

We are about to sell and are planning to buy in s different area where we have family. I've actually been watching the market there (and here!) for over a year as this move has been in the pipeline for ages, so I've got literally hundreds of saved houses on RM, many of which that went sstc 12+ months ago.

Periodically I check to see what the eventual sold price was and - whilst a few sales did proceed to completion, including some that went for more than the asking price - many transactions failed to complete. A small number of these have reappeared on the market - usually at a lower price, but not always - however the majority have never been relisted.

I know the Land Registry is taking longer than normal to update (and these sales figures might eventually appear), but I can only assume some of these were kite fliers who ultimately just decided not to sell, presumably once they realised the way the market was heading.

Well we had an offer accepted on a house after securing a buyer on our own.

6 months later, our seller had pulled out ("well, we can't find anything we like and we don't really need to move, just fancied a double garage") and as a result our buyer pulled out. We had to put ours back on the market but of course the one we had offered on has not been relisted.

Our sale completed a further 6 months later.

I always find it really sad to see a house that goes back up. I've noticed a few of the ones we viewed last year are back up at lower prices (100k in one case!) despite having gone to best and finals at the time.

The rapid rise in interest rate will have definitely contributed to sales falling through as affordability is stretched.

When I was first looking to move about 2 years ago I was told then that one third of sales fall through. I imagine it's much higher now with interest rates and the market (in our city) being flooded with properties.

I had the first sale of my favourite house fall through years ago because the buyer realised he couldn't afford it.